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Budget 2015

Corporate Tax:

Other than Corporate Tax:

Additional surcharge of 2% on super rich with Taxable

Income over Rs. 1 crore p.a. for Individual, HUF, Firm, domestic company

Wealth Tax:

Abolished

Section 80C:

Investment in Sukanya Samriddhi Scheme will be eligible for deduction u/s 80C AND any interest received on such investment will be exempt AND Amount Withdrawn from the scheme shall not be liable to tax ( Applicable retrospectively w.e.f.01/04/2015)

Furnishing of Form15G/15H allowed for non-deduction of TDS from payments receivable under Life insurance policies, not covered by section 10(10D).

Deduction and Exemption:

100% deduction for National Fund for Control of Drug Abuse & Tax benefits for Swachh Bharat Kosh and Clean Ganga Fund.

More funds included in 100% bracket for donations u/s 80G:

National Fund for Control of Drug Abuse

Swachh Bharat Kosh – w.r.e. from 01-04-2015

Clean Ganga Fund – w.r.e. from 01-04-2015

Deduction NOT available if Donations to Swachh Bharat Kosh & Clean Ganga Fund considered as apart of CSR Activities u/s135 of Companies Act 2013

TDS Provisions on Transporters REINTRODUCED

Provisions of Finance (No.2) Bill, 2009 intended to exempt only small transport operators (as defined in section 44AE of the Act) from the purview of TDS, however the said amendment, however the said amendment was being used as a tool for avoiding compliance by large transporters as well.

Accordingly, it is proposed to amend the provisions of the Act to expressly provide that the relaxation under section 194C (6) of the Act from non-deduction of tax shall only be applicable to the payment in the nature of transport charges made to an contractor who is engaged in the business of transport AND who is eligible to compute in come as per the provisions of section 44AE of the Act AND who has also furnished a declaration to this effect along with his PAN.

Other Amendment

Additional Depreciation in case of Assets used for Less Than 180 days.

50% of the Additional depreciation i.e.10% to be allowed in the year of purchase; and